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2011 Retirement Changes

2011 Retirement Changes. Senate Bill 2100. Changes to FRS: Florida Retirement System Changes to ORP: Optional Retirement Program Changes to DROP: Deferred Retirement Option Program Changes to COLA: Cost of Living Adjustment. Retirement Changes. Effective 07/01/11:

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2011 Retirement Changes

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  1. 2011 Retirement Changes

  2. Senate Bill 2100 Changes to FRS: Florida Retirement System Changes to ORP: Optional Retirement Program Changes to DROP: Deferred Retirement Option Program Changes to COLA: Cost of Living Adjustment

  3. Retirement Changes • Effective 07/01/11: • 3% mandatory employee pre-tax contribution • All budgeted employees • DROP participants exempt from contribution • New mandatory contribution is not included in the IRS limit (currently $16,500/$22,000 per year)

  4. FRS Changes • Pension and Investment Plans • Employee contribution 3% (pre-tax) • No employee action needed

  5. ORP Changes • Mandatory employee contribution 3% (pre-tax) • Employer contribution 7.42% • Action may be required: • Contribute more than 7.42% • HR will notify affected employees • Other investment options are available

  6. DROP Changes • Program remains - with changes • DROP participants will not be required to contribute 3%. • Members with effective DROP begin date on or before June 30, 2011: • Retain 6.5% interest rate • DROP participation on or after July 1, 2011: • 1.3% interest rate

  7. COLA Changes • Members with an effective retirement date or DROP begin date before August 1, 2011 will not have a change in their 3% COLA. • Members with an effective retirement date or DROP begin date on or after August 1, 2011 will have an individually calculated COLA that is a reduction from 3% based on the Division of Retirement’s formula.

  8. Questions? Contact the Office of Human Resources at extension 2903 or email Jennifer Neidhardt: j.neidhardt@unf.edu Debbie Bundy: dbundy@unf.edu

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